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Everton takeover triggers loan repayment

Everton’s prospective new owners 777 Partners will have to pay back £140 million provided by two lenders for the club’s new stadium should their deal to buy out Farhad Moshiri proceed.

MSP Sports Capital offered a £100 million loan after their own attempt to acquire some of Moshiri’s shares collapsed, while businessmen Andy Bell and George Downing also put down about £40 million towards the completion of the 52,888-capacity arena at Bramley-Moore Dock.

Under the terms of the deals, however, a change of ownership would mean that those loans have to be repaid and Miami-based 777 Partners are now set to request meetings with both parties in the hope of keeping them involved.

While sources suggest that 777 and Moshiri are confident of a positive outcome with the creditors, any hitch would increase the financial burden on the US firm, who would have to find fresh funding for the £550 million stadium, cover Everton’s running costs and also have money for strengthening the team. Everton have already been lent a sum in the region of tens of millions of pounds by 777, to help with short-term capital working requirements and the stadium build.

Another lender, Rights and Media Funding, are said to be on board with Moshiri’s proposed sale, having objected to a deal tabled by MSP last month.   Football finance guru Kieran Maguire comments: ‘Rights & Media Funding Ltd, the mysterious company with no employees, hardly any assets except a loan book and £300m of debts from Cyprus and the Bahamas.’

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